An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following: Accounts receivable (trade) $15,500 Accounts receivable (officers)$3600 Interest receivable, due in 3 months$675 Advances to employees$1800 Notes receivable (trade), due in 3 years $9000 Deposit to guarantee contract performance$5000 Utility deposit$500 Total $36,075 Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts.
An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following: Accounts receivable (trade) $15,500 Accounts receivable (officers)$3600 Interest receivable, due in 3 months$675 Advances to employees$1800 Notes receivable (trade), due in 3 years $9000 Deposit to guarantee contract performance$5000 Utility deposit$500 Total $36,075 Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following:
Accounts receivable (officers)$3600
Interest receivable, due in 3 months$675
Advances to employees$1800
Notes receivable (trade), due in 3 years $9000
Deposit to guarantee contract performance$5000
Utility deposit$500
Total $36,075
Required: 1. Prepare a
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